Dividend Declaration

RNS Number : 1051L

City Natural Res High Yield Tst PLC

27 July 2011

 



To:                   RNS

From:              City Natural Resources High Yield Trust plc

Date:               27 July 2011

CITY NATURAL RESOURCES HIGH YIELD TRUST PLC

("City Natural Resources" or "the Company")

DIVIDEND INCREASED FOR SIXTH SUCCESSIVE YEAR

·     Fourth interim dividend of 2.15p (2010: 1.85p) declared

·     Total dividend up 13.7% to 4.22p (2010: 3.71p) for the year

·     Total dividend more than doubled in six years

City Natural Resources High Yield Trust plc announces a fourth interim dividend of 2.15 pence per share payable on 27 August 2011 to shareholders on the register on 5 August 2011, with an ex-dividend date of 3 August 2011.  The latest dividend payment is in line with the Company's progressive dividend policy which has seen an increased dividend paid every year since inception as shown below:

Financial Year             Total dividend              % increase

2004/05                       2.00p                           -

2005/06                       2.15p                           7.5%

2006/07                       2.35p                           9.3%

2007/08                       2.65p                           12.8%

2008/09                       3.07p                           15.8%

2009/10                       3.71p                           20.8%

2010/11                       4.22p                           13.7%

Geoff Burns, Chairman of City Natural Resources, said "We are delighted to sustain our loyal shareholders with this 13.7% dividend increase.  Through a portfolio approach our managers continue to identify key investments within the resources sector and provide shareholders with capital growth and income.   Despite the economic downturn, we have increased dividends every year since the Company began and by a total of 111% over 6 years."

Will Smith, co-manager of City Natural Resources, added "Our strengths lie in the resource and high yield investment fields.  We are committed to generating both capital and dividend growth for shareholders and it is satisfying to have delivered both once again in the 2010/11 year.  City Natural Resources invests across the resources sector in precious metals, base metals, energy, rare earth and soft commodity securities."

For further information please contact:

New City Investment Managers

Adam Cooke                                                               0207 201 6900

Threadneedle Communications

Beth Harris/Laurence Read                                        0207 653 9850

Note to Editors:

City Natural Resources is managed by Will Smith and Merfyn Roberts of New City Investment Managers and has a market capitalisation of £207m.

The investment objective of the Company is to provide shareholders with capital growth and income from a portfolio of mining and resource equities, resources and industrial fixed interest securities.

If you would like to receive the monthly factsheet on the City Natural Resources High Yield Trust or any of the other New City Investment Managers' trusts please email [e-mail]    

Please see the below table for the Company's ordinary share and NAV performance over a 7 year period:

	1 Month %	3 Months %	6 Months %	12 Months %	3 Years %	5 Years %	From 01/08/03 %
Fund NAV	-2.51	-7.82	-9.89	+58.77	+67.16	+224.29	+690.44
Share Price	-4.39	-10.38	-11.05	+64.40	+71.52	+201.51	+577.89
Benchmark	+0.36	-3.58	-5.80	+27.10	+24.81	+108.48	+331.11

Source: F & C Asset Management Plc/Data Stream

The Company's investment benchmark is 2/3 HSBC Global Mining Index (sterling adjusted) and 1/3 Credit Suisse High Yield Index (sterling adjusted).

Performance data is calculated from 1 August 2003 (total return basis).

 

END

 

 

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